Indices up by N50 billion as stock market rebounds

The bulls, yesterday, upstaged the bears on the trading floor of the Nigerian Stock Exchange (NSE) as most blue chip stocks recorded price appreciation, causing market capitalisation to rise by N50 billion.

Specifically, at the close of transactions yesterday, market capitalisation of listed equities rose by N50 billion or 0.3 per cent from N15.430 trillion recorded on Wednesday to N15,480 trillion.

Also, the all-share index, which measures the performance of, quoted companies increased by 137.85 points from 42,952.70 to 43,090.55.

Analysts at Investdata Consulting Limited opined that market repositioning would continue, while profit taking is expected to reduce on the strength of expected payouts and earnings.

Specifically, the Chief Research Officer of the company, Ambrose Omodion said: “Also expect volatility and strong recovery moves to continue and profit taking at different times, depending on the expected numbers.
Also, expect repositioning to continue, while profit taking will reduce on the strength of expected payouts and earnings surprises.


“However, we would like to reiterate that investors should not panic but go for equities with intrinsic value, especially during this season when dividend payment is ongoing.


“We advise investors to allow numbers guide their decisions while repositioning for the year’s trading activities, especially now that stock prices remain volatile amidst improving company, economic and market fundamentals.
”

Further breakdown of yesterday’s transactions showed that 30 stocks constituted the gainers’ chart, as Unilever emerged the day’s highest price gainer with 4.50 kobo to close at N64.60 per share while Stanbic IBTC followed with 2.35 kobo to close at N49.35 per share.

Guaranty Trust Bank added 1.40 kobo to close at N49.00 per share. Guinness gained 1.40 kobo to close at N99.50 per share. Flourmills garnered 1.00 kobo to close at N37.00 per share.

However, Presco led 26 others on the losers’ chart with 3.65 kobo to close at N74.35 per share. Dangote Cement followed with 3.00 kobo to close at N262.00 per share. Union Bank lost 0.30 kobo to close at N7.05 per share.

Dangote Sugar Refinery dropped 0.30 kobo to close at N22.20 per share. Zenith Bank depreciated by 0.20 kobo to close at N31.00 per share.